Trades to the lowest level since January 17, 2017
The GBPUSD is not giving up on the downside as the week heads to the close. The price is trading to new session levels, lows for the week and continues to dig into the lowest level since January 17, 2017.
The price on the weekly chart fell below a trend line. If I connect the low from August 2018 to the low last week, the price is now below that trend line at 1.2066. The pair fell below the March 14, 2017 low of 1.21085 this week as well. The 1.2000 and then the 1.19859 are the next downside targets (low from 2017).
Drilling down to the 5 minute chart below, the price has trended lower – helped by a GDP number that came in at -0.2%. In the NY session, the 100 bar MA caught up with the price (blue line) but sellers leaned and the price has moved lower. That MA comes in at 1.20697 currently and moving lower.
The bears remain in control in the GBPUSD, and the pair is going into the weekend scraping lower and lower as the Brexit clock continues to tick down.